城市信用环境、内部控制质量与债务融资成本

Urban Credit Environment, Internal Control Quality and Debt Financing Cost

立足于经济高质量发展的战略目标,为纾解企业“融资难、融资贵”困境,激发市场活力,选取2015-2019年A股上市公司数据,探究城市信用环境对债务融资成本的影响路径。研究结果显示,城市信用环境对企业债务融资成本有负向作用;基于企业所有权性质差异,内部控制质量能更大程度地降低非国有企业债务融资成本;城市信用环境对债务融资成本的负向作用在国有企业中更显著;城市信用环境与债务融资成本之间存在间接负向关系,且内部控制质量为中介变量。从政府、银行及企业角度出发,以提升城市信用环境为重点,为企业融资提出相关建议。

Based on the strategic goal of high-quality economic development,in order to alleviate the dilemma of“difficult and expensive financing”for enterprises and stimulate market vitality,this paper selects the data of A-share listed companies from 2015 to 2019 to explore the impact of urban credit environment on the cost of debt financing path of influence.The research conclusions are as follows:The urban credit environment has a negative effect on the cost of corporate debt financing.Based on the differences in the nature of enterprise ownership,the quality of internal control can reduce the debt financing cost of non-state-owned enterprises to a greater extent;while the negative effect of urban credit environment on debt financing costs is more significant in state-owned enterprises.There is an indirect negative relationship between the urban credit environment and the cost of debt financing,and the quality of internal control is an intermediary variable.Finally,from the perspective of the government,banks and enterprises,this paper puts forward reasonable suggestions for the financing activities of enterprises,focusing on improving the urban credit environment.